Ethereum ETF Tops $1 Billion on First Day of Trading

Bittime - Ethereum exchange-traded funds (ETFs) made their market debut with a bang, attracting more than $1 billion in trading on their first day. This marks an important milestone for this long-awaited product.

Impressive Trading Volume

The first day of trading for the Ethereum ETF saw huge volume. Data shows that more than $1 billion has flowed into these products, with Grayscale Ethereum Trust (ETHE) leading the way with trading volume of $461 million. Followed by BlackRock's iShares Ether Trust (ETHA) with $244.7 million and Fidelity's Fidelity Ethereum Fund (FETH) handling $138.5 million.

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Ethereum Price Stability

Despite the huge trading volume of Ethereum ETFs, the price of Ethereum (ETH) remains relatively stable. According to CoinGecko, the current price of ETH is $3,479 per coin, with very minimal 24-hour price changes. In the last seven days, the ETH price also did not experience significant movements.

Inflow and Outflow Prediction

James Seyffart, an ETF analyst with Bloomberg, estimates that inflows for this first day could range from $125 million to $325 million, depending on the number of investors these companies have prepared.

While details of inflows and outflows from each ETF are not yet fully available, the first day of trading suggests that interest in these products is very high.

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Conclusion

The initial success of Ethereum ETFs shows great interest from investors and provides a positive signal for the future of Ethereum-related products. With trading volume reaching nearly $1.1 billion on its first day, Ethereum ETFs have the potential to play a significant role in the growing crypto ecosystem.

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